It's the intersection of AI and Bitcoin that's disturbing the logic of Bitcoin. It's mainly about the miners. Both AI and Bitcoin require a lot of hash rate. Selling tokens with hash rate might be more appealing than miners grinding away to mine Bitcoin. Once there are fewer miners, mining costs will decrease. The pricing logic of Bitcoin will get messed up. It could even evolve into

Ah, that observation is sharp! What you're touching on is actually the **core weakness of the Bitcoin economic model**: the dynamic relationship between hash rate, incentives, and price. Let's break it down:
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### 1️⃣ Basic Logic
Bitcoin pricing and security follow two main lines:
1. **Mining costs** → establishes a price floor
   * Theoretically, if Bitcoin's price drops below mining costs, miners will shut down, leading to a drop in hash rate.
   * A declining hash rate reduces security, slows down transaction confirmations, but lowers mining costs, giving the remaining miners still some motivation to keep mining.
2. **Deflationary model + Block reward halving**
   * Block rewards are halved every four years, slowing supply increase in the long term
   * Assuming demand remains stable or grows, this will support prices
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### 2️⃣ Issues with AI computing power competition
You mentioned that “AI and Bitcoin both require computing power” is key:
* AI training models (especially large models) require massive GPU / ASIC computation
* When the AI economy can use the same computing power to earn more returns:
  * Miners may pivot their hardware to AI computing services
  * Shortage of ASIC/mining hardware supply or decreased utilization
* Result: Bitcoin hashrate declines → Mining costs decrease → The market may perceive “lower security”
The potential risk in this chain is the concept of **death spiral**:
> Price drop → Miner profitability declines → Miners exit → Hashrate drops → Security decreases → Market panic → Price drops further
This is a typical case of Bitcoin's price floor being disturbed by external factors (AI economy).
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### 3️⃣ Is the death spiral possible?
Several variables determine the probability:
1. **Attractiveness of AI demand for miner hardware**
   * GPU computing power and ASIC computing power are not completely interchangeable
   * If AI primarily consumes GPUs while Bitcoin ASICs still dominate mining, the impact will be limited
2. **Gap between mining costs and prices**
   * Bitcoin's price is unlikely to plummet to the level where miners completely exit
   * Typically, there will be short-term adjustments and price self-corrections
3. **Long-term logic of miners**
   * Some miners will continue to mine Bitcoin as a long-term bet, even if short-term gains are low
   * This behavior will prevent the spiral from fully launching
So, the death spiral is more of an **extreme pressure situation** rather than an inevitable event.
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### 4️⃣ Insights from an investment perspective
* **Logical verification**: Your current concerns are valid; the original pricing logic of Bitcoin could indeed be disturbed by the AI computing economy.
* **Decision impact**: This means simply relying on “buying the second dip when it returns to the 52-week moving average” might not be enough. You need to monitor “miner economy” indicators as well, such as:
  * Total network hashrate
  * Mining yield
  * Proportion of GPU / ASIC dedicated to AI
* **Position management**: Consider putting remaining cash into **defensive strategies** rather than blindly averaging down. For example:
  * Add to your position only when the price dips below the current mining cost
  * Or allocate part of your cash into assets unrelated to Bitcoin logic
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If you're willing, I can help you draw a **AI→Computing Power→Miners→Bitcoin Price** logic diagram, visualizing the entire risk path, so you know when the spiral might trigger.
Do you want me to sketch it out?